证券代码：605589 证券简称：圣泉集团 公告编号：2025-064 济南圣泉集团股份有限公司 | 主要产品 | 2025 年半年度平 | | 2024 年半年度平 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 均售价（元/吨） | | 均售价（元/吨） | | | | 合成树脂类 | | 7,172.62 | | 7,506.15 | -4.44 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 400,506.66 391,772.98 281,003.75 先进电子材料及 电池材料 40,510.66 40,142.01 84,553.31 生物质产品 142,261.30 134,080.92 51,573.94 一、 主要产品的产量、销量及收入实现情况 | 主要原料 | 2025 | 年半年度平均采购 单价（元/吨） | 2024 年半年度平均采购 单价（元/吨） | 变动比例 （%） | | --- | --- | --- | --- | --- | | 苯酚 | | 6,443.04 | 6,786.59 | ...

Summary of Shengquan Group Conference Call Company Overview - Shengquan Group reported a revenue exceeding 10 billion yuan in 2024, with a year-on-year growth of 9.87% and a net profit attributable to shareholders of 868 million yuan, also up by 9.9% [2][7] - In Q1 2025, revenue grew by 15% year-on-year, and net profit increased by over 50%, indicating strong profitability with gross and net profit margins reaching new highs post-pandemic [2][7] Key Developments Electronic Materials - Shengquan Group achieved breakthroughs in the electronic materials sector, particularly with its self-developed polyphenylene oxide (PPO) and OP PPE resins, which have been certified by leading domestic companies [2][4] - The company has established an annual production capacity of 1,300 tons for these resins, with expectations for significant volume increase in 2025 [2][4] - The electronic resin products are primarily used in copper-clad laminates and semiconductor packaging, with projected revenues for 2025-2027 of 12.143 billion, 13.698 billion, and 15.535 billion yuan, reflecting year-on-year growth rates of 21.2%, 12.8%, and 13.41% respectively [4][10] Biomass Chemical Products - Shengquan Group focuses on the development of cellulose, hemicellulose, and lignin, with an annual production capacity of 20,000 tons of xylose and 15,000 tons of xylitol, which are profitable products [2][6] - The Daqing project, which has completed technical upgrades, is expected to contribute to profits as its operating rate stabilizes [2][6] Integrated Biomass Utilization - The company has developed the Shengquan method for integrated biomass utilization, efficiently using all components of straw [2][9] - The Daqing straw integration project has been completed and is producing products like large-axis paper and furfural, with ongoing research into biochar and high-purity lignin [2][9] Financial Performance - Shengquan Group's financial performance has been robust, with a gross margin of 24.13% and a net margin of 8.79% in Q1 2025, both marking new highs since the pandemic [7] - The company maintains a low overall debt ratio and sufficient cash flow, supporting business expansion and operations [7] Future Goals - The company aims to double profits and employee income from 2025 to 2027 and has announced an employee stock ownership plan to incentivize staff [2][8] - A targeted issuance of 62.25 million shares at 14.06 yuan per share, subscribed by the controlling shareholder, reflects confidence in future development [2][8] Market Position - Shengquan Group is a leading player in the synthetic resin industry in China, with a production capacity of 650,000 tons of phenolic resin, capturing over 26% of the domestic market [3] - The company benefits from scale and R&D advantages, allowing it to mitigate environmental costs compared to smaller competitors [3] Risks - The report highlights several risks including valuation risk, profit forecast risk, operational risk, financial risk, technological risk, and policy risk, which could impact the company's long-term growth potential [12] Valuation - The company's reasonable valuation range is estimated between 28.8 and 29.74 yuan based on free cash flow and relative valuation methods, with an initial rating of outperforming the market [4][11]

Core Viewpoint - Inner Mongolia Autonomous Region is implementing a comprehensive conservation strategy to promote resource-saving and circular economy development, with an emphasis on optimizing resource utilization efficiency and establishing a waste recycling system [1]. Group 1: Waste Utilization and Circular Economy Initiatives - Inner Mongolia Xinlianxin Biotechnology Co., Ltd. processes corn cobs into main product furfural, used in resin manufacturing and food additives, achieving zero waste emissions and reducing CO2 emissions by 180,000 tons annually [2][3]. - The Baotou-based project utilizes aerospace pyrolysis technology to treat agricultural waste and urban garbage, achieving a resource recovery rate of over 85% and reducing CO2 emissions by more than 50,000 tons annually [3]. - The region has a straw collection capacity of approximately 43.63 million tons, with a utilization rate of 91.8%, surpassing the national average, contributing to alleviating feed shortages [4]. Group 2: Industrial Waste Recycling - Inner Mongolia Yuhua New Technology Materials Co., Ltd. transforms industrial waste like fly ash and coal gangue into valuable products, with an annual output of about 15,000 tons and an expected revenue exceeding 50 million yuan [5]. - The company is collaborating with experts to develop technology for recycling waste ceramics, currently in the pilot testing phase [6]. - The Inner Mongolia Jinghui New Materials Co., Ltd. project aims to process 130,000 tons of silicon-containing waste annually, achieving a resource utilization rate of 90% [6]. Group 3: Policy and System Improvements - Inner Mongolia has established a comprehensive policy framework, including the "14th Five-Year" energy-saving plan, to ensure energy consumption intensity meets standards and promote green transformation in high-energy-consuming industries [7]. - The region has approved 36 park circular transformation projects, significantly enhancing resource utilization efficiency, with comprehensive utilization rates for agricultural waste reaching 91.8% and 82.5% for livestock manure [7]. - The agricultural sector aims to maintain a straw utilization rate of over 90% and promote the recycling of agricultural films, targeting an 85% recovery rate in key areas [8].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-046 济南圣泉集团股份有限公司 关于公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2025 年第一季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 167,795.67 166,320.01 128,187.82 先进电子材料及 电池材料 17,806.30 17,632.38 36,028.38 生物质产品 69,403.24 56,886.41 23,605.22 一、 主要产品的产量、销量及收入实现情况 | 主要原料 | 2025 购单价（元/吨） | 年第一季度平均采 2024 | 购单价（元/吨） | 年第一季度平均采 | 变动比例 （%） | | | --- | - ...

济南圣泉集团股份有限公司 关于公司 2024 年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2024 年度主要经营数据 披露如下： 二、主要产品和原材料的价格变动情况 （一）2024 年度公司主要产品价格变动情况 | 主要产品 | 2024 年度平均售 | | 2023 年度平均售 | 变动比例（%） | | --- | --- | --- | --- | --- | | | 价（元/吨） | | 价（元/吨） | | | 合成树脂类 | | 7,680.73 | 8,013.20 | -4.15 | 证券代码：605589 证券简称：圣泉集团 公告编号：2025-029 报告期内，公司根据实际经营发展情况以及未来发展战略规划，对公司产品重新分类，由"酚 醛树脂、铸造用树脂、电子化学品"调整为"合成树脂类产品、先进电子材料及电池材料、 生物质 ...